Breaking news ...
Per Texasrealestate.com
Kenneth Feinberg, administrator of the BP Gulf Coast Claims Fund, is providing an allocation from the fund for real estate brokers and agents in the region, including Texas. Along with other local businesses, Gulf Coast real estate activity has been affected since the Deepwater Horizon gusher.
These emergency funds are for real estate professionals' loss of income as a result of the oil spill. To qualify, applicants' lost business must be in close proximity to the coastline.
“The economic impacts of natural disasters like Hurricanes Rita and Ike, while certainly unwelcome, are relatively easy to determine. But the long-term impact of the BP oil spill to Texas has yet to be determined,” says Bill Jones, chairman of the Texas Association of REALTORS®. “We do know there are local real estate professionals who’ve experienced financial losses due to transactions that were terminated because of the oil spill. The decline in tourism and interest in real property sales and leases due to the oil spill has affected some of our real estate businesses in southeast Texas, and we’re grateful to Mr. Feinberg for all he’s doing to help.”
Each state association of REALTORS® of the affected Gulf Coast states will receive funds as determined by a standard, widely accepted, loss-estimation methodology. The states, which include Texas, Louisiana, Mississippi, Alabama, and Florida, have developed timely and objective processes for receiving and processing claims and determining loss payments. A major part of this work will be conducted by a third-party national claims adjustment firm, Indiana-based NCA.
“Texas REALTORS® build and, whenever necessary, re-build communities. This process will help us continue to do that along our economically battered Gulf Coast,” Jones says. “This historic agreement between the real estate industry and the BP Fund is a model for public/private partnerships. And it will help restore economic vitality to the region and ensure that a unique culture and way of life continues into the future.
Texas Real Estate Licensee Emergency Claim Form (Word document)
Showing posts with label short sales. Show all posts
Showing posts with label short sales. Show all posts
Monday, August 23, 2010
Saturday, May 29, 2010
NAR Representative Explains HAFA and Short Sales
In this video Jeff Lischer, communications Representative for National Association of Realtors Gives information on HAFA which took effect on April 5, 2005. Great 15 minutes Video, worth time spent watching it.
If you are in need for assistance, please contact Irena Gorski to discuss short sale of your Houston area house 281-610-4524, http://IrenaGorski.com. Irena Gorski has SFR (Short Sale and Foreclosure Resource) certification by National Association of Realtors.
If you are in need for assistance, please contact Irena Gorski to discuss short sale of your Houston area house 281-610-4524, http://IrenaGorski.com. Irena Gorski has SFR (Short Sale and Foreclosure Resource) certification by National Association of Realtors.
Thursday, September 17, 2009
Are New Federal Incentives Coming for Short Sales?
Per Housingwire.com
The mortgage servicing industry in coming weeks will see details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales and deeds-in-lieu of foreclosure.
US Treasury Department sources confirmed to HousingWire the Treasury expects to issue details on the short sale and deed-in-lieu program later this month.
The program is being finalized and will be announced as soon as possible, according to testimony Wednesday by Federal Housing Administration (FHA) commissioner David Stevens.
He said at a House Financial Services subcommittee hearing that the Making Home Affordable (MHA) Program is on track to provide modifications and refinancings to millions of homeowners, but noted other foreclosure alternatives exist.
“Because we know that the MHA program will not reach every at-risk homeowner or prevent all foreclosures, on May 14th the Administration announced the Foreclosure Alternatives program that will provide incentives for, and encourage, servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a MHA modification but does not qualify or is unable to complete the process,” he said, according to prepared remarks.
He said the program will simplify the process of pursuing short sales and deeds-in-lieu, which will encourage more servicers and borrowers to participate in the program. The program will standardize the process, documentation and short performance timeframes.
“These options eliminate the need for potentially lengthy and expensive foreclosure proceedings, preserve the physical condition and value of the property by reducing the time a property is vacant, and allows the homeowners to transition with dignity to more affordable housing,” Stevens added.
Distressed sales — including short sales and foreclosures — accounted for nearly one-third of all house re-sales in recent months, leading to the National Association of Realtors to offer a short sales and foreclosure certification program to realtors.
At the same time, tech vendors and mortgage service providers are looking to fill the demand for short sale-related products and services. Equi-Trax Asset Solutions recently launched a new current listing search offering that searches a servicer’s portfolio to determine short sale and modification opportunities.
The mortgage servicing industry in coming weeks will see details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales and deeds-in-lieu of foreclosure.
US Treasury Department sources confirmed to HousingWire the Treasury expects to issue details on the short sale and deed-in-lieu program later this month.
The program is being finalized and will be announced as soon as possible, according to testimony Wednesday by Federal Housing Administration (FHA) commissioner David Stevens.
He said at a House Financial Services subcommittee hearing that the Making Home Affordable (MHA) Program is on track to provide modifications and refinancings to millions of homeowners, but noted other foreclosure alternatives exist.
“Because we know that the MHA program will not reach every at-risk homeowner or prevent all foreclosures, on May 14th the Administration announced the Foreclosure Alternatives program that will provide incentives for, and encourage, servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a MHA modification but does not qualify or is unable to complete the process,” he said, according to prepared remarks.
He said the program will simplify the process of pursuing short sales and deeds-in-lieu, which will encourage more servicers and borrowers to participate in the program. The program will standardize the process, documentation and short performance timeframes.
“These options eliminate the need for potentially lengthy and expensive foreclosure proceedings, preserve the physical condition and value of the property by reducing the time a property is vacant, and allows the homeowners to transition with dignity to more affordable housing,” Stevens added.
Distressed sales — including short sales and foreclosures — accounted for nearly one-third of all house re-sales in recent months, leading to the National Association of Realtors to offer a short sales and foreclosure certification program to realtors.
At the same time, tech vendors and mortgage service providers are looking to fill the demand for short sale-related products and services. Equi-Trax Asset Solutions recently launched a new current listing search offering that searches a servicer’s portfolio to determine short sale and modification opportunities.
Subscribe to:
Posts (Atom)